Bushveld announces appointment of Chief Executive

Bushveld Minerals Limited

21 June 2023

 

Market Abuse Regulation ("MAR") Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. 

Bushveld Minerals Limited

("Bushveld" or the "Company")

Bushveld announces appointment of Chief Executive

21 June 2023

The Board of Bushveld Minerals is pleased to announce the appointment of Craig W. Coltman as Chief Executive. Craig has vast experience in the mining industry. He served a distinguished 32 years with De Beers Consolidated Mines in operational and commercial roles with his most recent role being that of Chief Financial Officer and as Executive Director. Craig is also the Chairman of De Beers Pension Fund.

Craig will become Chief Executive, and join the Board, with effect from 01 July 2023, the date on which Fortune Mojapelo will step down as Chief Executive.

Fortune is a co-founder of Bushveld and has led the business as Chief Executive for more than 11 years. Having helped build the Company from an exploration company to a fully-fledged primary vanadium producer, Fortune and the Board agree it is an opportune time for a leadership transition to steer the Company to its further development.

Fortune will work closely with Craig during a transitional period in order to facilitate a smooth handover.

Michael Kirkwood, Chairman of Bushveld Minerals stated, "The Board is appreciative of Fortune's visionary entrepreneurship in building a significant new vanadium business and gives its sincere thanks for his dedicated service over the past years. The Board and the Company wish him well in his future endeavours.

"The Board is delighted to have attracted an executive of Craig's experience and qualities to Bushveld. He is a strategically focused change-leader with a strong track record across multiple disciplines. We look forward to supporting him in realising the embedded value within the Group."

Craig commented, "I am excited to join the Bushveld team and to continue working in the mining industry. I am passionate about this industry and its people."

Fortune expressed, "Co-founding and leading Bushveld Minerals into an integrated vanadium platform that is set to play a key role in the growing vanadium industry has been an immense privilege. While I recognise the challenging circumstances the Company has had to navigate in recent years, my conviction in the potential and future success of this Company remains. To our shareholders and stakeholders, thank you for your trust; and to the team at Bushveld under the leadership of Craig, I wish you the success that all your hard work and the trust of our stakeholders deserves".

The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Craig Winston Coltman (aged 62):

Current directorships and/or partnerships:	Former directorships and/or partnerships (within the last five years):
De Beers Pension Fund (Board of Trustees) De Beers Benefits Society (Board of Trustees) REPSSI	DBCM Holdings De Beers Consolidated Mines De Beers Marine (pty) Ltd De Beers Sightholder Sales South Africa LEZMIN 2619 QCK LEZMIN 4412 QCK LEZMIN 4181

Mr Coltman does not hold any shares in the Company.

ENDS

Enquiries: [e-mail]

Bushveld Minerals Limited		[phone]
Fortune Mojapelo, Chief Executive
Chika Edeh, Head of Investor Relations
SP Angel Corporate Finance LLP	Nominated Adviser & Broker	[phone]
Richard Morrison / Charlie Bouverat
Grant Baker / Richard Parlons
RBC Capital Markets	Joint Broker	[phone]
Jonathan Hardy / Caitlin Leopold
Tavistock	Financial PR/ Media
Gareth Tredway / Tara Vivian-Neal/ Adam Baynes		[phone]

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a low-cost, vertically integrated primary vanadium producer. It is one of only three operating primary vanadium producers, owning 2 of the world's 4 operating primary vanadium processing facilities. In 2022, the Company produced more than 3,800 mtV, representing more than three per cent of the global vanadium market. With a diversified vanadium product portfolio serving the needs of the steel, energy and chemical sectors, the Company participates in the entire vanadium value chain through its two main pillars: Bushveld Vanadium, which mines and processes vanadium ore; and Bushveld Energy, an energy storage solutions provider. Bushveld Vanadium is targeting to grow its vanadium production and achieve an annualised steady state production run rate of between 5,000 mtVp.a. and 5,400 mtVp.a.

Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through the advancement of vanadium-based energy storage systems, specifically Vanadium Redox Flow Batteries ("VRFBs").

Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com

 

END